REAL ESTATE
Marwaha Family Buys 3rd SD Hotel
An affiliate of Anaheim-based Marwaha Group Inc. paid $22.7 million for Hampton Inn Carlsbad in North San Diego County; the deal closed Aug. 31.
T2 Buys Second Denver Parking Lot
T2 Hospitality in Newport Beach bought a quarter-acre of downtown Denver land for $3.55 million, a block from a one-third-acre parcel for which it paid $10 million in 2015, a local news report said.
Anaheim Ends Disney Deals
Anaheim City Council voted 7-0 Tuesday to end agreements with Disneyland Resort that would have given tax breaks in exchange for investment in the resort’s hotel and parks. Resort President Josh D’Amaro last week had asked the deals be terminated.
Disney Letter Hits Development Debate
A letter from Disneyland Resort President Josh D’Amaro to Anaheim Mayor Tom Tait and the city council asking to end an agreement that would provide bed tax rebates from a planned luxury hotel shifts a debate in the city for several developers.
Disney Suspends Hotel Project
Walt Disney Co. has stopped work on its fourth hotel near Disneyland Resort in Anaheim, the company said.
NAMM, NAPEW Re-Up in Anaheim
Visit Anaheim said OC's two largest tradeshows by attendance—National Association of Music Merchants and Natural Products Expo West—have booked their slots at Anaheim Convention Center through 2023 and 2022, respectively.
Montage Top-20 Global Brand
Irvine-based Montage International’s luxe resort unit, Montage Hotels & Resorts, is the 14th-best resort brand in the world, according to readers of Travel & Leisure magazine.
Hotel Sales Down 50% YTD
Eight hotels with 955 rooms sold in Orange County through the first six months of the year, compared to 16 hotels with 1,803 rooms, year-over-year, according to Atlas Hospitality Group in Irvine.
PHG Names CFO
Pacific Hospitality Group named Melanie Bucci chief financial officer;. She was most recently vice president of finance at Montage International for about eight years; both are hotel management companies based in Irvine.
Din Tai Fung Expands
Popular Taiwanese restaurant chain Din Tai Fung is expanding its only Orange County location, at South Coast Plaza shopping center in Costa Mesa.
Bixby Land Creates UCI Endowment
Real estate firm Bixby Land Co. in Newport Beach has given $100,000 to the University of California-Irvine’s Paul Merage School of Business to create an endowment fund at the Center for Real Estate.
OC Hotel Development Steady; More to Come
Three new Orange County hotels with 445 rooms opened in the first half of 2018, according to data from Irvine hotel broker-consultant Atlas Hospitality Group.
Unemployment Rises to 3.3%
Orange County’s unadjusted unemployment rate rose to 3.3% in June, up from a revised 2.6% in May and down from 3.7% a year ago, according to the state’s Employment Development Department.
NJ Pendry Preps $1M Homes
A Pendry Hotel planned for a 2020 opening in Somerseet County, New Jersey, will include 24, for-sale residences on land once fit for a king.
$180M in Galaxy’s Edge Construction Phase
A series of six construction permits for projects with a combined value of $180 million pulled over the last 30 days in Anaheim suggest the home stretch for elements of Star Wars: Galaxy’s Edge, the new “land” expected to open next summer at Disneyland Resort.
